FILL IN HIGHLIGHTED BOXES

BUDGET ASSUMPTIONS AND ACTUALS BUDGET ASSUMPTIONS ACTUALS Actual Production and Sales Production and Sales Budget Information Actual production units for 2021 4,140 units Production budget for 2021 4,200 units units Actual sales for 2021 Average selling price for 2021 4,140 $152.50 Sales budget for 2021 4,200 units Actual Quantities and Prices Job 1 Job 2 Job 3 Total Quantity Total Cost Production Standards 14,120 $206,286.00 4,715 $15.00 1,370 $17.90 4,380 5,025 $14.20 $14.60 1,895 1,640 $18.25 $18.10 4,905 Direct materials quantity Direct materials price Direct labor hours Direct labor rate Variable manufacturing overhead Fixed manufacturing overhead Direct materials Standard Quantity Standard Price per 3.5 pounds $14.50 pound per 1.2 hours $18.00 hour per 1.2 hours $9.40 hour $88,790.75 $50,000.00 $92,500.00 Direct labor Variable manufacturing overhead Average Operating Assets Average Operating Assets for 2021 Minimum required rate of return $1,412,500 11.096 Budgeted Fixed Manufacturing Overhead Fixed manufacturing overhead budget for 2021 Actual Selling and Administrative Expense Variable selling and administrative expense for 2021 Fixed selling and administrative expense for 2021 $2.25 per unit $90,000 $25,000 OUTPUT AREA Direct Labor Budget Variance Calculations Year 2021 Year 2021 Required production in units Direct labor hours per unit Total direct labor hours needed Direct labor cost per hour Total direct labor cost budget Direct materials spending variance Direct materials price variance Direct materials quantity variance Direct labor spending g variance Direct labor rate variance Direct labor efficiency variance Completed prior to 2021 Year 2021 Manufacturing Overhead Budget Budgeted direct labor hours Variable manufacturing overhead Variable manufacturing overhead Fixed manufactuning overhead Total manufacturing overhead Budgeted direct labor hours Predetermined overhead rate for the year Variable manufacturing overticad spending variance Varable manufacturing averhead rate variance Variable manufacturing overhead efficiency variance rate Completed after end of 2021 Income Statement at Year End Year 2021 Actual Job Costs Sales Cast of goods sold Gross margin Selling and administrative expense Net operating income Job lob 2 Job 3 Total Direct materials Completed during 2021 Direct labor Manufacturing overhead applied Totaljob costs Performance Evaluation Margin Turnover Return on investment Residual income